Class III Takes A Hit
Most products traded on the CME spot dairy auction ended unchanged on Thursday. In fact, barrel cheese was the lone product to trade and change in value. Barrels moved 19 loads and ended the day at $1.25 and a quarter cent per lb.
Class III milk markets struggled the entire day but crossed the finish line anywhere from 22-41 cents per cwt. lower in 2020. The second half 2020 class III average closed at $15.50 per cwt. First quarter 2021 fell as well. Class IV prices declined double digits in the months that traded.
The grain complex found some strength on Thursday as corn added 3 cents per bu. Corn was supported by ethanol futures trading back up to $1.10 per gallon. Gasoline demand has rebounded a little bit with futures printing 92 cents per gallon on the board of trade, up 30 cents per gallon from our previous lows. Soybeans added 11 cents per bu. as export sales were within trade expectations. The wheat complex ranged from 1-5 cents higher as well.
Cattle futures traded limit higher for the second day in a row.